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GBP/USD unable to hold a technically positive close

Yesterday the weakening dollar allowed the GBP/USD to extend higher above 1.2600. The rise above its 21 day moving average (now at 1.2640). The Pound rose to a high at 1.2668 just ahead of the 4pm London fix. However, it stalled short of testing the noted 50 day moving average (still at 1.2679 today). The fall back into the US close, came as the wider dollar managed to reclaim some of the losses incurred earlier. The GBP/USD fell back to 1.2617 and later closed at 1.2623. Hence, it did not manage to force any kind of technically positive close last night. The range seen today has been pretty tight so far (1.2618-1.2637) and it is trading nearer the lows right now as some UK economic data is due shortly, at 7am GMT- UK government borrowing data. The GBP/USD is just now at 1.2623
 

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